The Financial Markets Association of Pakistan (FMAP), in collaboration with NIFT, has launched two new Sukuk revaluation benchmark rates pages. These rates are to be used by Islamic banks, Islamic banking windows and mutual fund managers to revalue their holding of Islamic bonds on a daily basis.
FMAP''''s mandated 6 brokers (who are already contributing to the PKRV page for fixed income bonds), are contributing rates for these pages. These pages can be currently viewed on NIFT/FMA Portal or Reuters under the names PKISRV (GOP Ijara Sukuk rates) and PKCSRV (SLR-eligible public entity Sukuks).
Abdullah Ahmed Muhammad, General Secretary of FMAP, said the benchmark rates on Sukuk will go a long way in bringing uniformity in the local Islamic Financial market. It will pave way for more developments in the near future. M M Khan CEO of NIFT said it is gratifying to see robust growth in NIFT/FMA Portal (https://fma.nift.com.pk). He added that "we are delighted that we are playing an important role in the development of treasury market products in Pakistan. This reflects the trust of the FMAP and financial markets in NIFT''''s neutrality."-PR